What are International Accounting Standards or IAS? Historically, IFRS reporting evolved out of the older International Accounting Standards. These were issued by the IASB or International Accounting Standards Board (or earlier IASC; a Committee forum) and were adopted for IFRS, with the IAS name retained. This means that IAS have the same status as IFRS, but are from an earlier generation. They are still subject to maintenance update and should be considered new to countries and companies which newly implement IFRS.